Thursday, March 19, 2015

State of Maryland Gets More Than $7.5 Million to Help Small Business

The state of Maryland is committed to strengthening the state's small businesses, and an extra $7.5 million will go a long ways toward accomplishing this. That's exactly how much Maryland received recently in State Small Business Credit Initiative (SSBCI) funds.About the funding

The State Small Business Credit Initiative (SSBCI) is a federal program that was signed into law by President Obama in 2010. The provisions of the law allow the U.S. Treasury Department to award funds to states across the U.S. that support small business. From 2010 to 2013, the program helped 8,500 businesses across the nation receive $4.1 billion in loans or investments. Disbursements of funding is based on a formula used by SSBCI.

How the funding helps

What this means for Maryland, and any other state who receives funding from SSBCI, is more growth for small businesses and more jobs created. As Maryland's Department of Business and Economic Development Secretary Mike Gill explained it, “SSBCI is an example of the tremendous potential our startups and small businesses have if they are given the right environment and resources to grow, thrive and create jobs for generations of Marylanders to come.”

Like most states who have received SSBCI funds, Maryland has a strong small business program. In addition, U.S. Senator Ben Cardin (D-Md.) also introduced the Small Business Investment Company Capital (SBIC) Act of 2015 which will add even more support in the way of loans and investments to support Maryland's small businesses.